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Lenders › Discriminatory Lending Practices › Financial Services Industry

Polsinelli

OCC Handbook Change is Latest Move in Administration’s Shift on Lending Discrimination

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Key Takeaways: The OCC has removed references to “disparate impact” from its Fair Lending Handbook, consistent with the broader shift in federal enforcement philosophy under the current administration....more

Ballard Spahr LLP

Massachusetts AG reaches settlement with student loan company, Earnest Operations LLC

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Massachusetts Attorney General Andrea Joy Campbell has reached a $2.5 million settlement with Earnest Operations LLC, a Delaware-based student loan company....more

Troutman Pepper Locke

In Response to President Trump’s Executive Order, the OCC Removes Disparate Impact References from Fair Lending Examination Manual

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On July 14, the Office of the Comptroller of the Currency (OCC) issued Bulletin 2025-16, announcing the removal of references to disparate impact liability from the “Fair Lending” booklet of the Comptroller’s Handbook and...more

Ballard Spahr LLP

DOJ Seeks Early Termination of Lakeland Bank Redlining Consent Order

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The U.S. Department of Justice (DOJ) has filed a motion with a federal district court to terminate early the September 2022 consent order with Lakeland Bank (Lakeland) that settled allegations of redlining under the Fair...more

GeoDataVision

Section 1071 Rule: The Big Gap Between Small Business Lending and “Covered” Loans

GeoDataVision on

I’ve written articles critical of the Section 1071 Rule and the CFPB’s implementation of the new rule. For example, the scheduled “applicable dates” for data recording and reporting make no sense at all. As currently...more

Troutman Pepper Locke

At Fair Lending Conference, DOJ Officials Discuss the “Combatting Redlining Initiative”: Progress Made and the Road Ahead

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Last week, the annual Community Reinvestment Act & Fair Lending Colloquium took place in Austin, Texas. Two officials from the U.S. Department of Justice (DOJ) discussed in detail the “Combatting Redlining Initiative” led by...more

Ballard Spahr LLP

Republican Senators urge CFPB and DOJ to retract joint statement on consideration of immigration status under ECOA

Ballard Spahr LLP on

A group of eleven Republican Senators who are members of the Senate Banking Committee have sent a letter to CFPB Director Rohit Chopra and Attorney General Merrick Garland to urge the CFPB and DOJ to retract the joint...more

Troutman Pepper Locke

Lenders Take Note: Federal Banking Agencies Issue Long-Awaited Community Reinvestment Act Final Rule

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On October 24, the Federal Reserve Board (Fed), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) finally issued their long-awaited final...more

Troutman Pepper Locke

DOJ Announces Two More Multi-Million Dollar Redlining Settlements, States Two Dozen More Active Investigations Underway

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In the last three weeks, the U.S. Department of Justice (DOJ) reached two more settlements with lenders under its Combatting Redlining Initiative, which began in October 2021. On September 27, the DOJ announced that...more

Sheppard Mullin Richter & Hampton LLP

CFPB, DOJ Joint Statement: Financial Institutions May Not Use Immigration Status to Illegally Discriminate Against Credit...

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On October 12, the CFPB and DOJ issued a joint statement that reminds financial institutions that all credit applicants are protected from discrimination on the basis of their national origin, race, and other characteristics...more

Troutman Pepper Locke

Federal Agencies Finally Weigh in on Immigration Status in Credit Underwriting

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Last week, the U.S. Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) (collectively, the agencies) issued a joint statement on the subject of creditors’ use of immigration status for eligibility...more

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